We’ve found a 6-17% difference between the advertised price per square foot and the evaluated actual price per square foot when comparing commercial office space in Yangon, Myanmar. Maintenance fees, electricity and other utilities installations and fees, association fees, generator operation fees, can add considerable expense to your office.
At Scipio Services, we offer bespoke consultancy and real estate advisory services to your organization as you seek to enter the emerging Myanmar market. Our consultants have years of experience in Myanmar who work with you to locate your commercial office space then residential properties.
Descriptions of Commercial Properties
Below we’ve provided information and answers to topics and commonly asked questions when seeking commercial real estate in Myanmar:
|Advertised rate per year||Actual rate per year||Interior construction costs|
|Grade A||$70.00 – $100.00 per sq. ft.||$76.00 – $117.00 per sq. ft.||$55.00 – $90.00 per sq. ft.|
|Grade B||$42.00 – $78.00 per sq. ft.||$44.00 – $92.00 per sq. ft.||$35.00 – $75.00 per sq. ft.|
|Grade C||$16.00 – $36.00 per sq. ft.||$17.00 – $42.00 per sq. ft.||$25.00 – $45.00 per sq. ft.|
Grade B: Office space within a mixed-use building or a sole-purposed building of smaller size containing fewer facilities, less than ideal location, or are lacking in maintenance.
Grade C: Functional space within a mixed-use or residential building that has been converted to office space; generally lacking facilities like a reception, common areas, or maintenance.
The most important consideration is the difference between the advertised price per square foot (sq. m) and the evaluated actual price per square foot (sq. m) when making a decision. We’ve found the actual rate per square foot to be 6%-17% higher than the rate advertised.
On the demand side, organizations from the Asian region are ratcheting up their involvement and western organizations are increasingly stepping in ever more frequently as we approach 2015. Given the current near-exponential trend in market rates, we expect prices to continue their trend upward for commercial and even more so for residential at an alarming rate until 2015; though this is largely dependent upon the continued diplomacy, reform process, security situation, and 2015 elections.